Bearish Engulfing at USD/JPY

Bearish Engulfing at USD/JPY

Since the beginning of this week, the USD/JPY currency pair has been traded in a flat. Shortly, the bearish sentiment may prevail in the trading instrument. Near the local offer zone of 112.250-112.400, a classic pattern of the Price Action, Bearish Engulfing, has been formed (H1 timeframe), which is currently signaling a downward trend. The USD/JPY quotes are testing the round level of 112.000. We recommend paying attention to this situation.

If the price fixes below the level of 112.000, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the support level of 111.650. The movement is tending to 111.500-111.250. When following positions, we recommend using a trailing stop.

by JustForex, 2018.10.26

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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